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The Visible Hand of Finance Capitalism: Linkages Between Credit Expansion, Indebtedness and Strikes in Turkish Economy

Author

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  • Merter AKINCI
  • ÇaÄŸatay Edgücan ÅžAHÄ°N

Abstract

This study focuses on whether there is a relationship between the development of financial capitalism in Turkey and indebtedness and strikes, and if so, the nature of the relationship in question. To do so, the study employs a quantitative research method, the dynamic threshold model, and analyses the 1989-2017 period of Turkish economy. The prominent variables used in this analysis are: change in the number of workers participating in strikes compared to the previous year, change in consumer and housing loans used by wage earners compared to the previous year, change in the annual minimum wage compared to the previous year, change in the total annual working time compared to the previous year, unionization rate, unemployment rate and the share of external debt in gross domestic product. We can list the prominent results of the study as follows: credit expansions have a much stronger negative effect on strikes than positive effects. Increasing the working hours, both in the short and long term, increase the probability of strikes, while the increase in inflation, unemployment and inequality levels stand out as various factors that suppress strikes.

Suggested Citation

  • Merter AKINCI & ÇaÄŸatay Edgücan ÅžAHÄ°N, 2022. "The Visible Hand of Finance Capitalism: Linkages Between Credit Expansion, Indebtedness and Strikes in Turkish Economy," Fiscaoeconomia, Tubitak Ulakbim JournalPark (Dergipark), issue 3.
    • Handle: RePEc:fis:journl:220325
    DOI: 10.25295/fsecon.1089619
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    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General

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